A consortium of four of Egypt’s leading banks has arranged a EGP 4bn syndicated loan for Ora Developers Egypt to finance the remaining construction works at the ZED El Sheikh Zayed development, increasing the total financing provided for the project to EGP 9bn.
The banking consortium comprises Banque Misr as the Initial Mandated Lead Arranger, Underwriter, Facility Agent, Security Agent and Account Bank, alongside Housing and Development Bank (HDB), Emirates NBD Egypt, and the Export Development Bank of Egypt (EBank), all acting as Mandated Lead Arrangers and Underwriters.
The financing agreement was signed in the presence of Hisham Okasha, CEO of Banque Misr; Yehia Aboul Fotouh, CEO and Managing Director of Housing and Development Bank; Amr El Shafey, CEO and Managing Director of Emirates NBD Egypt; Mohamed Shawky, Vice Chairperson of the Export Development Bank of Egypt; and Naguib Sawiris, Chairperson of Ora Developers Group, together with senior executives from the participating banks and Ora Developers Egypt.
The additional financing will cover part of the construction costs of the project’s remaining phases, enabling work to continue according to schedule while enhancing the investment value of the development. ZED El Sheikh Zayed is one of Egypt’s flagship integrated urban developments, spanning 165 feddans and designed to meet growing demand for mixed-use real estate projects.
Okasha said Banque Misr’s leadership of the syndicated financing reflects the bank’s commitment to supporting major projects with significant economic and developmental value, particularly in the real estate sector, which remains one of the key drivers of Egypt’s economic growth.
He added that Banque Misr continues to finance large-scale projects that contribute to economic development, attract investment, and support the state’s development objectives.
Okasha noted that the bank has strengthened its leadership in arranging and marketing syndicated loans by providing integrated financing solutions tailored to clients across various sectors of the economy, supporting sustainable development plans and Egypt’s national vision. He also praised the close cooperation among the participating banks, describing their professionalism and expertise as instrumental in the successful completion of the financing.
For his part, Aboul Fotouh said HDB’s participation reflects its commitment to financing major investment projects through strategic partnerships with leading financial institutions while providing integrated financing solutions that meet market needs and support business growth and expansion.
He added that the bank continues to implement a strategy aimed at diversifying its financing portfolio and strengthening partnerships across key economic sectors, reinforcing its position within Egypt’s banking sector and its role in supporting urban development and financing real estate projects.
Aboul Fotouh described syndicated financing as a successful model of cooperation among Egyptian banks that demonstrates the sector’s ability to mobilise its expertise and resources to finance strategic projects, strengthen investor confidence, and contribute to sustainable economic development.
Sawiris expressed his pride in the long-standing partnership with Banque Misr, describing it as a relationship spanning more than 25 years across various projects.
“I am proud of our 25-year partnership with Banque Misr across our various projects. I also value our cooperation with the other banking institutions participating in the consortium, which represent a fundamental pillar in supporting urban development plans and driving investment,” he said.
He added that the increase in syndicated financing reflects confidence in the resilience of the Egyptian market and its long-term growth prospects, while highlighting the importance of cooperation between the banking and real estate sectors in supporting large-scale development projects.
“We view this step as more than just financing; it is a strategic partnership that contributes to creating sustainable economic and urban value,” Sawiris added.
Haitham Abdel-Azeem, CEO of Ora Developers Egypt, said the expanded financing marks an important milestone for the ZED El Sheikh Zayed project and reflects the confidence Egypt’s banking sector places in both the company and the development.
He noted that the additional funding will accelerate construction of the remaining phases in accordance with the highest international standards, supporting the delivery of an integrated urban community that meets customers’ expectations and keeps pace with the rapid growth of Egypt’s real estate market.
Abdel-Azeem added that Ora Developers Egypt remains committed to developing integrated communities that enhance quality of life by leveraging its local and international expertise and track record in delivering major projects, while supporting the state’s vision for urban expansion and sustainable development.
ZED El Sheikh Zayed is one of Ora Developers Egypt’s flagship projects and represents a modern model of integrated urban development in West Cairo. The development includes residential, commercial, administrative, service and leisure components, complemented by extensive green spaces and integrated amenities designed to deliver a high-quality living environment.
El Shafey said Emirates NBD Egypt is proud of its long-standing strategic relationship with Ora Developers, describing it as a successful partnership built on mutual trust, a shared vision, and a commitment to sustainable growth.
He added that the collaboration builds on a strong history of successful transactions and reinforces Emirates NBD Egypt’s position as a trusted banking partner for leading companies operating in the Egyptian market.
Ahmed Galal, Chairperson of the Export Development Bank of Egypt, said the bank’s participation aligns with its strategy of supporting major development projects with sustainable economic impact while strengthening its role as a financing partner for sectors that drive economic growth.
He noted that the real estate sector is one of the Egyptian economy’s principal growth engines due to its strong linkages with a wide range of industries and economic activities, reaffirming the bank’s commitment to providing innovative financing solutions that support project implementation according to schedule.
Galal added that the success of the banking consortium reflects the strength of cooperation among Egyptian financial institutions in supporting the country’s sustainable development objectives, promoting investment, and developing integrated urban communities.
The participating banks reaffirmed their shared commitment to supporting the state’s efforts to strengthen the national economy by continuing to finance projects that contribute to Egypt’s sustainable development agenda.
